Scammers Use WhatsApp Groups to Coordinate Millions in Victim Trades and Pump Real Stocks
Scammers are using WhatsApp groups, fake celebrity-style videos, and investment “tips” to convince people to buy real stocks through normal trading apps. The scheme can drive prices up for a short time, but victims are often left with major losses when the stock suddenly falls.
Who is at risk
Anyone who uses WhatsApp or social media and is interested in investing, especially people who follow unsolicited stock tips or online investment groups, is most at risk.
What to watch for
Be alert for WhatsApp groups or online messages promising fast profits, “insider” stock picks, pressure to buy quickly, or videos that appear to show trusted public figures endorsing an investment.
What to do
Do not act on stock tips from WhatsApp groups or social media, leave any suspicious investment chat groups, and verify any investment advice through your brokerage or a trusted financial professional before buying.